Autorickshaw aggregator Jugnoo bags $3 million from Paytm. The news comes within 3 months of closing Series A round of $5 million led by Snow Leopard with participation from Paytm.
The Chandigarh-based company is also in talks with Japan’s SoftBank for a bigger round of fund raise, hinted sources related to the deal. However, the amount for the next financing round has not been finalized yet.
With the addition of this capital, Paytm’s stake in Jugnoo has gone up to around 20%. “The investment from Paytm was recently concluded. For the next round, which could be closed in the coming weeks, SoftBank has held talks with the autorickshaw aggregator,” said a source.
Commenting on the matter, Samar Singla, Founder and CEO of Jugnoo said, “We are entering new cities every three days, while we are planning to enter major metros in the coming months. We are doing 15,000 transactions per day currently and our aim is to take that to 1,00,000 by February next year.”
Co-founded on 1st of November 2014 by Samar Singla and Chinmay Agarwal, Jugnoo is a hyperlocal on-demand multi-service provider which employs autorickshaws as its logistic partners. The startup has three wings of services with their respective apps. It not only offers transportation facility to the users but also provides delivery services.
This article has been updated.